Tokyo's Huge Debts Are Hobbling
The Recovery of Japan's Economy

TOKYO -- The last time the voters of this city chose a new governor, they elected a comedian, a Japanese Jerry Lewis. When they go to the polls this month, they might want to look for a Felix Rohatyn.

Like Mr. Rohatyn, who was brought in to rescue New York City from the brink of bankruptcy, Tokyo's new governor will confront a city that is essentially broke. Years of profligate spending and aborted reform efforts have left an economy the size of Canada's barely able to pay its bills.